Eight Days After the Binance Breach, $124 Million Is Bitcoin

Eight days after $6.43 billion left Binance, the money is not leaving the blockchain. It is changing shape on it. By 08:45 UTC on 6 November, Elliptic counted about 1,650 BTC, then worth roughly $124 million, in newly created bitcoin addresses funded from the theft, almost twice the figure a day earlier. Against that, $2.85 billion has been frozen or seized, $3.11 billion still sits in addresses linked to the theft, and almost none of it has been turned into money anyone can spend. Conversion is not laundering, and a wallet count is not a cash-out.